VeriFone Cleared to Buy Hypercom in Settlement With U.S.

VeriFone Systems Inc. reached a settlement with the U.S. Justice Department that will let it acquire rival Hypercom Corp. on the condition it sells Hypercom’s U.S. point-of-sale terminal business.

An agreement with the Justice Department filed today specifies that private equity firm Gores Group LLC will buy the terminals business. The U.S. sued to block the $485 million deal on concerns that combining VeriFone and Hypercom would hinder competition in the market for the retail checkout terminals, the Justice Department said in an e-mailed statement.